Grant's Hardware bought $7,500 of merchandise,terms 3/10,n/30.The journal entry to record the transaction under the net approach method would be to:
A)debit Purchases $7,275; credit Accounts Payable $7,275.
B)debit Purchases $7,275; credit Vouchers Payable $7,275.
C)debit Purchases $7,500; credit Vouchers Payable $7,275; credit Discounts Lost $225.
D)debit Purchases $7,500; credit Cash $7,500.

Question

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The Answer of Grant's Hardware bought $7,500 of merchandise,terms 3/10,n/30.The journal entry to record the transaction under the net approach method would be to:
A)debit Purchases $7,275; credit Accounts Payable $7,275.
B)debit Purchases $7,275; credit Vouchers Payable $7,275.
C)debit Purchases $7,500; credit Vouchers Payable $7,275; credit Discounts Lost $225.
D)debit Purchases $7,500; credit Cash $7,500.

Grant's Hardware Bought $7,500 of Merchandise,terms 3/10,n/30